USD/CHF rises further ahead of Fed’s minutes

The greenback gained momentum in the market during the American session ahead of the FOMC minutes. USD/CHF broke above 1.0050 and climbed to 1.0058, hitting a fresh 3-week high. 

The pair is trading at daily highs, holding a bullish bias and a strong momentum. Today it resumed the rally that started last week after reaching 4-month lows at 0.9810. 

From data to minutes

Economic data from the US showed mix numbers. The ADP Private sector employment report showed a gain of 263K in March, beating the consensus of 187K; on the negative front, February's figure was revised lower to 245K from 298K. Later, the ISM Non-manufacturing missed initial estimates in March, coming in at 55.2 vs. 57.0 from the previous month. 

US: ISM Non-Manufacturing signals activity cooled in March - Wells Fargo

Traders attention are now on the FOMC minutes from the March 14-15 meeting. Back then, the Federal Reserve decided to raise rates, as expected, by 25bp. 

Technical outlook

To the upside, resistance level might be located at 1.0055/60 (daily high), 1.0070 (100-day moving average) and 1.0100 (psychological level). On the downside, support could be seen at 1.0035 (Apr 3 & 4 high), 0.9990/95 (Mar 31 low) and 0.9950 (200-day moving average).